You are pre-approved for a mortgage, ready to make a home purchase in Kolkata. What next? Before you purchase a new home from the homes in Kolkata, it is rewarding to ask your real estate agent a few questions. While the answers may make you rethink your choice, they can save you money. Furthermore, you will feel more confident that you are buying the right residential property. What questions do you ask?
Here are some vital questions to ask the realtor:
What does this property retail in the market?
Since most agents will not answer this question when you pose it directly, lure them into answering it without knowing. For instance, you can inquire about properties which have been sold lately in the area. You should also find out about the high and low price ranges of the properties in Central Kolkata, or any other area near where you are buying. You should ask about the period within which the property has been in the market. If it has been long, then it may be due to overpricing. By asking these questions, you prevent yourself from paying much than the exact value of the specific property.
Is the price negotiable?
Before you quote a price that will deter the real estate agent, ask about the flexibility of the seller on the asking price. In most cases, sellers will not agree to negotiations. However, some are willing to go a little bit lower to make a fast sale. As you haggle on the price, remember also to inquire whether the seller will be assisting with the closing costs. Do not hesitate to bargain, it may trim down the buying price, significantly.
What are the reasons for selling?
To ensure that you do not buy a house with repair and maintenance problems or one that is still attached to bad debts, inquire why they are selling. If they have done a home inspection, prior to the listing in the market, ask them to allow you to read it. You may find out some things that may help you to negotiate the price further. If they are unwilling to disclose the information that you need, you might have to conduct a home inspection on your own to see whether the property is most suitable for you among the homes in Kolkata .
Will the creditor allow a short sale?
In a short sale transaction, the lender permits the seller to sell their property at a lower price than the outstanding mortgage. However, some sellers list their homes for short sale, before they liaise with their lenders. If the creditor comes to know about it, the sale will not go through. It is your responsibility to inquire from the real estate agent whether the seller has consulted with the financing institution.
Is the home located in an area prone to natural disasters?
Establish whether the area is susceptible to natural disasters. This will tell you about the additional costs you will have to pay on insurance.
If you get correct answers for the above questions, you will be assured that you are buying the best home from the properties in Central Kolkata and beyond, which matches your needs and tastes.